Stocks Rally as Trade Talks Wrap Up

1/9/2019 | 9:12 AM CST

NEW YORK (AP) -- Stocks around the world built on their early 2019 rally Wednesday after negotiators from the U.S. and China extended their trade talks to a third day, which investors took as a sign the discussions were productive even though no major breakthroughs have been announced. Oil prices also continued to climb and stocks linked to faster economic growth, such as technology companies, kept climbing.

CHINA-US TRADE: The latest round of trade negotiations between the world's two largest economic powers have now concluded, but investors were cheered when they learned the two-day talks would be extended. No details were immediately announced.

More Recommended for You

Recommended for You

The Trump administration wants the government of President Xi Jinping to alter its handling of technology and intellectual property held by foreign companies, and change plans for government-led creation of Chinese leaders in advanced technologies. Chinese officials have suggested they could revise some of their industrial plans but have but won't abandon larger goals that they consider a path to prosperity and global influence.

FIVE O'CLOCK SOMEWHERE: Beer and wine maker Constellation Brands slumped after it cut its annual profit forecast, saying it now expects sales and profits for its wine and spirits division to fall in the current fiscal year. The stock gave up 10.4 percent to $154.37.

EARLY RISERS: Technology companies kept edging higher after their steep losses over the final months of 2018. Chipmakers made some of the largest gains. Intel climbed 1.3 percent to $48.37 and Micron Technology picked up 6.6 percent to $3.598. Elsewhere, Microsoft added 0.8 percent to $103.67.

OVERSEAS: ENERGY: Oil prices also continued to rally. U.S. crude rose 3.3 percent to $51.40 a barrel in New York. It hasn't traded above $50 a barrel in almost a month. Brent crude, used to price international oils, added 2.8 percent to $60.35 a barrel in London.

Crude oil is on track to rise for the eight day in a row and ninth in the last 10. U.S. crude has jumped 13 percent so far in 2019.

BONDS: Bond prices continued to fall. That sent yields higher, a sign investors expect more economic growth and higher long-term interest rates. the yield on the 10-year Treasury note rose to 2.73 percent from 2.71 percent.

FED MINUTES: Later Wednesday the Federal Reserve will release minutes from its policy meeting last month, at which the central bank raised interest rates and reduced its forecasts for the number of hikes this year from three to two.

CURRENCIES: The dollar slipped to 108.47 yen from 108.65 yen. The euro climbed to $1.1519 from $1.1443 and the British pound rose to $1.2785 from $1.2719.

(CZ)

Related Content

Recommended for You

Contact Us

About DTN

DTN delivers accurate, objective, real-time, and actionable insights to increase our 2 million customers’ confidence and support their business decisions. In a data-rich world, our actionable insights in weather and financial analytics make sense of the information, drive change in processes and help businesses prosper. They empower our agriculture, energy and transportation customers – those who work endlessly to feed, fuel and protect our world. We believe that when our customers are supported with the most reliable and innovative information to the Nth Degree, they prosper and we all win. DTN is based in Minneapolis with offices globally.

Join the community! Registration is FREE. As a member of the DTNPF online community you can contribute to discussions, save your settings, get exclusive email alerts and access to special online sections, and read e-newsletters.

Please correct the following errors and try again:

First Name*

Last Name*

Postal Code*

e.g. 68114 (US) or Y0B 1G0 (Canada)

Phone Number*

e.g., 402-390-2328

Email Address*

Confirm Email Address*

Password*

8-32 characters, include one number (0-9) and one letter (a-z)

Confirm Password*

I agree to receive information from DTN/The Progressive Farmer containing news, updates and promotions regarding DTN/The Progressive Farmer's products. I understand I can withdraw my consent at any time.